The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

Allostera’s $17m Deal Shows Canadian Venture Capital Funding is Available, Even as LPs Hold Back in the U.S.

Allostera BannerAllostera Pharma Inc. anounced today that it closed a $17 million Series A round today, funded by four Canadian VCs: iNovia Capital, Genesys Capital, BDC Venture Capital with GO Capital, and Fonds Bio-Innovation s.e.c.

The company is a spin-out of a University of Montreal-affiliated hospital and it has a platform to make peptide drugs that inhibit receptor signalling allosterically (i.e., without inhibiting ligand binding).  The lead product, in early stage trials, is an IL23-receptor inhibitor.

That’s a pretty healthy A round, coming as it does on the same day as Private Equity Analyst released U.S. data showing that U.S. VCs “raised $5.1 billion across 52 funds, down 63% from the $13.6 brought in by 115 funds last year.”

On the third hand, there’s Excel Venture Management’s new $125 million Boston-based fund, which will “focus (sic) its investments on healthcare information technology, services, diagnostics, medical devices, and life sciences platforms with applicability to adjacent industries such as energy, chemicals, defense, and agriculture.”

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5 responses to “Allostera’s $17m Deal Shows Canadian Venture Capital Funding is Available, Even as LPs Hold Back in the U.S.

  1. Pingback: $700 Million Close Opens the Doors at Teralys Capital « The Cross-Border Biotech Blog

  2. Pingback: Monday Deal Review: July 12, 2009 « The Cross-Border Biotech Blog

  3. Pingback: New Data Shows 70% of Canada’s Biotech Companies Have Under 12 Months’ Cash. BIOTECanada’s New Ask: Government Loans. « The Cross-Border Biotech Blog

  4. Pingback: Q2 Venture Capital Numbers Do Not Look So Rosy in Canada « The Cross-Border Biotech Blog

  5. Pingback: Q3 Is Looking Up for Biotech: Emdeon, Cumberland, Domain, LOM BioQuest, OETF « The Cross-Border Biotech Blog

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